West Cook News

West Cook News

Wednesday, December 11, 2019

Former state university employee Panarese paid in $1K to pension fund, could collect $96K in retirement

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By West Cook News | May 1, 2017

Money041

Former state university employee Donald Panarese, who retired in April 2017, saved $1,020 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Panarese would collect as much as $96,340, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Panarese received $2,025 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Panarese will have already received $2,025 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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